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In a statement released yesterday, ASIC has warned companies and auditors to ensure that they are adequately prepared for the upcoming 30 June financial reporting and auditing cycle.
According to the statement the body will pay close attention to submissions tihs year. Key areas for scrutiny will be off balance sheet transactions, asset valuations and write downs.
“The current market turbulence places further emphasis on new accounting standard AASB7 (Financial instruments: Disclosures) which requires detailed information on the various risks arising from financial instruments and how these risks are being managed… All participants involved with the reporting will need to approach their roles with a strong understanding of the potential impact of the market turbulence and the liquidity squeeze,” ASIC’s chief accountant, Lee White, said.
Published: 25-06-08
